The Yankees signed a one-year $5 million contract with Chien-Ming Wang this week and avoided arbitration with the restricted free agent.

Wang was 8-2 with a 4.07 ERA this season before a mid-foot sprain of the Lisfranc ligament and a partial tear of the peroneal longus tendon in his right foot ended his season.

Unlike last season when the two sides were unable to come to an agreement Wang is quite happy this time around. Last year he asked for a long-term deal and was denied and eventually went to arbitration.

“This time we were not that far apart from the Yankees and both sides made a committed effort to get it done,” Wang’s agent said. “It’s a deal that is respectful of what Wang has done. He was happy about it.”

The remaining arbitration eligible players the Yankees must resign are Brian Bruney, Melky Cabrera and Xavier Nady.

Wang is eligible to become a non-restricted free agent in 2011.

This is a good deal to get done, especially if it keeps Wang happy. It’s a good thing they still have him under contract until 2011. With him Joba Chamberlain and CC Sabathia the Yankees have a very solid core of starters.